674.32—Special terms: loans to less than half-time student borrowers.
(a)
The promissory note used with regard to loans to borrowers enrolled on a less than half-time basis must state that the repayment period begins—
(1)
On the date of the next scheduled installment payment on any outstanding loan to the borrower; or
(ii)
The end of a nine-month period that includes the date the loan was made and began on the date the borrower ceased to be enrolled as at least a half-time regular student at an institution of higher education or comparable institution outside the U.S. approved for this purpose by the Secretary.